Edenred SE

Earnings Release • Apr 18, 2011

Press Release April 18, 2011

Sustained first quarter growth: issue volume up 11.9% and revenue up 9.8% as reported

Positive overall trends:

• o Issue volume up 11.9% as reported and 9.0% like-for-like.
• o Total revenue up 9.8% as reported and 7.2% like-for-like.

Operating revenue up 6.6% like-for-like¹ , reflecting:

• o Strong momentum in Latin America
• o A mixed situation in Europe, with stabilized unemployment rates in Western Europe but a still difficult situation in Central Europe
• Return to growth in financial revenue, up 13.0% like-for-like, attributable to higher interest rates and an increased float in Latin America

(in € millions)	Q1 2010	Q1 2011	% change (reported)	% change (like-for-like)
Issue volume	3,174	3,554	+11.9%	+9.0%
Operating revenue	208	227	+9.4%	+6.6%
Financial revenue	19	22	+13.9%	+13.0%
Total revenue	227	249	+9.8%	+7.2%

¹ Based on a comparable scope of consolidation and at constant exchange rates.

ISSUE VOLUME UP 9.0% LIKE-FOR-LIKE IN THE FIRST QUARTER

Issue volume amounted to €3,554 million in first-quarter 2011, up 9.0% like-for-like. The reported increase was 11.9%, lifted by the 2.3% positive currency effect for the quarter.

Growth in issue volume by region was as follows:

Like-for-like issue volume growth	France	Rest of Europe	Latin America	Rest of the world	TOTAL
Q1 2011	+2.9%	-2.0%	+20.5%	+23.1%	+9.0%

France: first-quarter issue volume of €659 million

Strong performances by the meal voucher business and Ticket CESU (up 3.9% like-for-like) offset the difficulties experienced by the BtoC gift voucher business (down 31.7%). In all, first-quarter issue volume rose 2.9% like-for-like.

Rest of Europe: first-quarter issue volume of €1,148 million

Issue volume in the Rest of Europe region down 2.0% like-for-like due to the loss of the CONSIP contract in Italy, which represented €42 million in issue volume in first-quarter 2010. Excluding this contract, issue volume was up 1.7% in the first quarter, reflecting the net effect of a like-for-like increase of 3.2% in Western Europe, helped by stabilized unemployment rates, and a 2.9% like-for-like fall in Central Europe where economic conditions remained difficult.

Latin America: first-quarter issue volume of €1,628 million

Issue volume rose 20.5% like-for-like in the first quarter, lifted by growth in salaried employment, higher penetration rates and increased face values. The main products recorded solid gains, with food and meal voucher issue volume up 20.8% and Ticket Car issue volume 20.0% higher.

OPERATING REVENUE UP 6.6% LIKE-FOR-LIKE IN THE FIRST QUARTER

Operating revenue for first-quarter 2011 totaled €227 million, representing an increase of 6.6% like-for-like. The reported increase was 9.4%, after taking into account:

• The 0.2% positive impact of changes in scope of consolidation.
• The 2.6% positive currency effect, of which:
• o The 2.7% positive effect of the Brazilian real's appreciation over the period.
• o The 1.3% negative effect of applying the new official exchange rate for the Venezuelan bolivar (VEF 5.3/USD vs. VEF 4.3 in first-quarter 2010).

Like-for-like operating revenue growth	France	Rest of Europe	Latin America	Rest of the world	TOTAL
Q1 2011	-1.1%	-1.1%	+17.4%	+10.0%	+6.6%

France: first-quarter operating revenue of €36 million

In France, operating revenue dipped 1.1% like-for-like. Operating revenues from Ticket Restaurant® and Ticket CESU grew by a robust 4.1% like-for-like. However, in the BtoC gift voucher segment, Kadéos was badly hit by competition from a single-brand card launched by its main distributor, FNAC, despite the two companies having signed an exclusivity agreement. As a result, BtoC gift voucher revenue fell 40.5% like-for-like compared with first-quarter 2010.

Rest of Europe: first-quarter operating revenue of €81 million

In the Rest of Europe region, operating revenue eased back 1.1% like-for-like, reflecting a mixed situation.

In Belgium, operating revenue advanced 4.8% like-for-like, lifted by 5.4% like-for-like growth in meal voucher revenues.

In the United Kingdom, demand for Childcare Vouchers remained strong, helping to drive 6.7% like-forlike growth in operating revenue.

In Italy, operating revenue was up 3.3% like-for-like, led by a robust performance by Ticket Restaurant® .

In Romania, the ongoing effects of the recession led to a 39.6% like-for-like fall in operating revenue. However, customer fees stabilized compared with fourth-quarter 2010 and this should gradually filter through to revenue by the end of the year.

In the Netherlands, the gift packs business contracted sharply, trimming 1.4 points from growth in the Rest of Europe operating revenue. This business does not generate any issue volume.

Latin America: first-quarter operating revenue of €94 million

In Latin America, operating revenue expanded 17.4% like-for-like, reflecting roust local economies and strong marketing performances.

In Brazil's buoyant economic environment, operating revenue climbed 16.4% like-for-like in the first quarter. All products contributed to the increase, especially meal and food vouchers which recorded an 18.0% increase like-for-like.

Hispanic Latin America also had a very good quarter, with operating revenue up 19.5% like-for-like. In Mexico, Ticket Alimentación and Ticket Car performed particularly well.

FINANCIAL REVENUE UP 13.0% LIKE-FOR-LIKE IN THE FIRST QUARTER

First-quarter 2011 saw return to growth in financial revenue, which climbed 13.0% like-for-like after contracting 0.3% in fourth-quarter 2010.

Latin America benefited from higher interest rates and an increase in the float, which helped to drive a 38.8% like-for-like rise in financial revenue over the quarter.

In Europe, the situation stabilized, with financial revenue up 1.1% like-for-like.

CONCLUSION

First-quarter issue volume rose 11.9% on a reported basis and 9.0% like-for-like, reflecting solid market trends in Latin America and stabilized unemployment rates in Western Europe. Economic conditions remained difficult in most countries of Central Europe, particularly in Romania.

Total revenue grew by a strong 9.8% as reported and 7.2% like-for-like, with operating revenue gaining 6.6% like-for-like and financial revenue returning to growth, with an increase of 13.0% like-for-like.

* * *

QUARTERLY REPORT

Significant transactions and events for the period

As part of its growth strategy, Edenred made two acquisitions, consolidated from January 2011, that will firm up its market leadership in the countries concerned:

• Euroticket, Romania's fourth largest issuer of meal and gift vouchers. With more than 3,000 customers and a nearly 5% market share, Euroticket issued €53 million worth of vouchers in 2009.
• RistoChef, Italy's seventh-largest provider of meal vouchers. With more than 1,800 customers and a nearly 3% market share, RistoChef, generated an issue volume of around €70 million in 2010.

UPCOMING EVENTS

Annual Shareholders' Meeting: May 13, 2011

Second-quarter revenue announcement: July 18, 2011

***

Edenred, which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and delivers solutions that make employees' lives easier and improve the efficiency of organizations.

By ensuring that allocated funds are used specifically as intended, these solutions enable companies to more effectively manage their:

• Employee benefits (Ticket Restaurant® , Ticket Alimentación, Ticket CESU, Childcare Vouchers, etc.)
• Expense management process (Ticket Car, Ticket Cleanway, etc.)
• Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.)

The Group also supports public institutions in managing their social programs.

Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 40 countries, with 6,000 employees, nearly 530,000 companies and public sector customers, 1.2 million affiliated merchants and 34.5 million beneficiaries. In 2010, total issue volume amounted to €13.9 billion, of which 55% was generated in emerging markets.

Full details of Edenred's 2010 results are available on the Company's website: www.edenred.com.

Ticket Restaurant® and all other tradenames of Edenred products and services are registered trademarks of Edenred SA.

CONTACTS

Eliane Rouyer-Chevalier, Executive Vice President Communications – Phone.: +33 (0)1 74 31 86 26 – eliane.rouyer@edenred.com

MEDIA RELATIONS

Anne-Sophie Sibout, Media Relations Director - Phone: +33 (0)1 74 31 86 11 – anne-sophie.sibout@edenred.com Nuno Afonso, Press Attaché - Phone: +33 (0)1 74 31 86 27 - nuno.afonso@edenred.com

INVESTOR RELATIONS

Virginie Monier, Investor Relations – Phone: + 33 (0)1 74 31 86 16 – virginie.monier@edenred.com

APPENDICES

Issue Volume

	Q1
In € millions	2010	2011
France Rest of Europe Latin America Rest of the world	641 1,135 1,301 97	659 1,148 1,628 119

TOTAL ISSUE VOLUME	3,174	3,554

	Q1
In %	Change reported	Change L/L*
France Rest of Europe Latin America Rest of the world	2.9% 1.1% 25.1% 22.1%	2.9% -2.0% 20.5% 23.1%
TOTAL ISSUE VOLUME	11.9%	9.0%

Operating Revenue

	Q1
In € millions	2010	2011
France	36	36
Rest of Europe	79	81
Latin America	78	94
Rest of the world	15	17

	Q1
In %	Change reported	Change L/L*
France Rest of Europe Latin America Rest of the world	1.7% 1.6% 19.8% 15.2%	-1.1% -1.1% 17.4% 10.0%
OPERATING REVENUE	9.4%	6.6%

Financial Revenue

	Q1
In € millions	2010	2011
France Rest of Europe	5 8	5 7
Latin America	6	9
Rest of the world	-	1
FINANCIAL REVENUE	19	22

		Q1
In %	Change reported	Change L/L*
France	4.2%	4.3%
Rest of Europe	-4.9%	-0.9%
Latin America	47.3%	38.8%
Rest of the world	10.2%	10.0%
FINANCIAL REVENUE	13.9%	13.0%

* At constant scope of consolidation and exchange rate

Total Revenue

	Q1
In € millions	2010	2011
France Rest of Europe Latin America Rest of the world	41 87 84 15	41 88 102 18

TOTAL REVENUE 227 249
-----------------------------

	Q1
In %	Change reported	Change L/L*
France Rest of Europe Latin America Rest of the world	2.0% 1.0% 21.7% 15.0%	-0.4% -1.1% 18.9% 10.0%
TOTAL REVENUE	9.8%	7.2%

* At constant scope of consolidation and exchange rate